Fintech & Ecommerce

US Black Friday Online Sales Approach $10 Billion

The media reports that this year in the United States in the segment of virtual sales, consumers spent a record $9.8 billion during Black Friday.

US Black Friday Online Sales Approach $10 Billion

The mentioned financial indicator, reflecting purchase activity in monetary terms, is 7.5% higher than the results of Black Friday in the digital space last year. This was reported last Sunday, November 26, by the media with reference to Adobe Analytics data.

The increase in sales is due to high consumer demand for electronics, smart watches, audio equipment, and televisions. It is also known that buyers actively used the Buy Now, Pay Later (BNPL) services. Compared to the week before Thanksgiving, the volume of applying this consumer-oriented commercial solution grew by 72%.

Experts predicted that in November expenditures in the framework of BNPL in the United States will exceed the $9 billion mark. In this case, reality meets expectations and confirms the correctness of understanding trends in the consumer environment. Experts say that against the backdrop of a difficult economic situation, which is caused by factors such as high-interest rates and inflation, buyers are looking for solutions that are an alternative to traditional financial products for lending.

BNPL, in terms of efficiency and usefulness, goes beyond a simple payment offer. In this case, consumers get access to a solution that helps them manage their finances.

Experts say that a high level of demand for BNPL among Americans will be observed shortly. This position is based on the fact that the volume of consumer spending is increasing and the problem of inflation as a kind of economic burden remains urgent. Against the background of these realities, buyers are interested in BNPL, as it is an affordable solution that is an effective alternative to high-interest credit card debt. At the same time, experts note that the mentioned offer is not a panacea. According to them, for financially vulnerable consumers and those who have credit card debt, the use of BNPL can be a way to worsen the situation.

Mastercard has released information that this year in the United States during the Black Friday period, sales volumes in the e-commerce sector increased by 8.5% year-on-year. In traditional stores, this figure grew by 1.1% compared to the result of 2022.

Over the past few years, experience-related gifts have been in demand in the United States, but despite this, consumers continue to look for something that can be unwrapped for the holidays. Jewelry and clothing are also popular choices during the festive period. Sales of furniture and components, and trade indicators in department stores lag behind other sectors.

Salesforce data shows that the volume of virtual sales on Black Friday this year increased by 9% compared to the result of 2022.

Experts say that during the current holiday season, consumers are likely to reduce their expenses, but they will not save on gifts. Analysts also note that there is a tendency in the behavior of American buyers not to abandon festive traditions, despite financial difficulties.

As we have reported earlier, TikTok Mulls Tokopedia Investment for New E-Commerce Platform.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.